Dogecoin (DOGE) could be gearing up for a major price breakout. A crypto analyst predicts a potential 261% price increase, which would take its price above the May 2021 $0.73905 all-time high. Another cryptocurrency analyst predicted a price point as high as $2.74, with the potential to reach $6.24 in the long run.
The top meme coin’s performance has been positive in the last few hours. According to CoinMarketCap data, the price of Dogecoin (DOGE) has increased by 6.28% and is currently trading at $0.2108.
Although the trading volume of $1.63 billion dropped 15.88% in the last 24 hours, the figure shows an increase in positive investor sentiments. Experts believe that the coin is gearing up for a massive rally in the near future.
Dogecoin Analyst Predicts Massive Rally to New All-Time Highs
In a recent post on X (formerly Twitter), Javon Marks suggested that DOGE is on track to surpass its previous all-time high (ATH) of $0.73905, marking a potential 261% increase from its current levels. His analysis is based on historical price patterns and chart formations that indicate a strong upward movement.
The chart shared in the post highlights past breakout patterns where Dogecoin experienced parabolic rallies after periods of consolidation. Marks highlights a recurring trend where DOGE forms a falling wedge pattern before making a significant leap to new highs. If this historical pattern holds, DOGE holders could see a significant price surge in the coming months.
In 2021, retail excitement, celebrity endorsements, and trends in the crypto market drove Dogecoin’s significant price rise. Currently, interest from prominent investors and increased usage of Dogecoin among people might sustain price growth.
Could DOGE Reach $6.24?
Ali, another popular crypto analyst, highlighted in a recent post on X (formerly Twitter) that DOGE is moving within an ascending parallel channel. This technical pattern suggests a continued uptrend. If the DOGE price holds above the key support level of $0.16, it could rebound toward $2.74 or even reach $6.24 in the long run.
The analyst’s chart shows that DOGE consistently respects this upward channel, sustaining it since its early trading years. A parallel channel means price action fluctuates between two sloped trend lines, with historical rebounds occurring from the lower boundary. In this case, $0.16 is the crucial level where buyers might step in, preventing further downside and setting the stage for a potential breakout.
For DOGE to reach $2.74, it must reclaim the mid-channel level, which historically acts as a resistance or support point. However, if momentum builds and DOGE breaks past this region, the upper boundary at $6.24—a price level that seems extreme now—could become a reality. Such a move would mark an increase of over 2,900% from current levels, potentially making it one of DOGE’s largest rallies.
Currently, DOGE is positioned in a key accumulation zone, and traders are monitoring whether it maintains its critical support level. Should history repeat itself, this meme coin might be preparing for another explosive rally. Nonetheless, caution is always advised in the unpredictable world of crypto.
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